õBNûBUTûTHEREûHASûBEENûNOûOFlCIALû
statement on sizing yet.
Intercos reported adjusted Ebitda of
€116.25m for 2019.
Lombardy-based Intercos is the world’s
biggest supplier in the global cosmetics
industry and is involved in research,
development and production.
Founded in 1972 by current CEO Dario
Ferrari, it has 11 production facilities in nine
countries.SWEDEN
CIBUS NORDIC RAISES CASH FOR
SUPERMARKET SWEEPCIBUS NORDIC REAL ESTATE raised SKr886m
(US$93.6m) in fresh capital on Wednesday
evening, as it gathers funds to buy 111
supermarkets sites from Coop for SKr1.9bn.
The share sale increased Cibus’ share
capital by 20% but shares were rose more
than 3% on Thursday despite the dilution.
Swedish and international institutional
investors showed up for the deal, including
Clearance Capital, the Fourth AP Fund,
Lansforsakringar Real Estate Fund, Norron
Asset Management and Sensor Fonder.
Swedbank/Kepler Cheuvreux and Pareto
Securities ran the ABB, in which 6.22m shares
were sold at SKr142.50 each, a 2.7% discount
to Wednesday’s close of SKr146.50. The
shares closed on Friday at SKr149.50.
Cibus is locked up for 180 days following
Wednesday’s deal.
Cibus listed on the Nasdaq First North in
March 2018. It acquires Nordic properties
and rents them out to grocery chains. It
owns more than 140 properties in Finland.SWITZERLAND
ONEX CUTS SIG STAKE WITH
11.9% SELL-DOWNInvestment manager Onex sold an upsized
11.9% of packaging business SIG COMBIBLOC GROUP
for a haul of SFr539.6m (US$567m) on
Wednesday evening, weeks after the lock-up
had expired from a previous sale in November.
Bookrunners Citigroup and Credit Suisse
wall-crossed investors, as they did in
November, including accounts new to the
stock. That provided indications of interest
to cover the initial 35m shares offered,
representing 11% of share capital.
Bank of America and Goldman Sachs were also
bookrunners on this and the November sale.
“Four banks on a wall-crossing is probably
too many,” said one banker. All four banks
were active on the bookbuild and engaged
on a best-efforts basis.Books opened with reference to the
SFr14.80 market close and were formally
covered after around 20 minutes. Shortly
before 6:30pm in London, investors were
guided to pricing of SFr14.20 with an upsize
to 38m shares, representing 11.9% of share
capital and approximately 38 days’ trading.
Pricing at SFr14.20 is a 4% discount to the
Wednesday close.
Onex cut its stake to around 20% from
31.8%, and is subject to a 90-day lock-up.
The top 10 accounts got 50% of a multiple
times covered book, with the top 25 orders
TAKINGûûANDûSIGNIlCANTûSCALEûBACKûFORûTHEûRESTû
There was strong support from Swiss money.
The shares held up well on Thursday
AGAINSTûAûDIFlCULTûTAPE ûTRADINGûABOVEûPRICINGû
with a SFr14.70 open and the shares closing at
SFr14.58, down 1.5% for the day. Late on Friday
morning, the stock was still holding up above
pricing at SFr14.38, having opened at SFr14.30.
The trade brought together some of the
most active banks in EMEA ECM at present.
Bank of America has priced more deals than
ANYûOTHERûlRMû
ûFOURû
ûINûTHEûTHREEûWEEKSû
since taking a hit on the €455m sole
bookrun trade in Sampo.
Goldman Sachs has earned the most
league table credit in that period with three
deals, including TeamViewer earlier this
week. It is the most improved bank in EMEA
ECM, up 31 places on the year.
Credit Suisse is still more than US$1bn
clear at the top of the league table with
more than US$3bn from seven deals
(including SGS at US$2.4bn).UK
INVESTEC PRESSES AHEAD WITH NINETY
ONE LISTINGInvestec’s asset management arm NINETY ONE
launched bookbuilding as planned on
Monday on a £182m-£226m spin-off IPO,
COVERINGûTHEûBOOKûONûTHEûlRSTûDAYûDESPITEûANû
uncertain market backdrop.
The FTSE 100 fell more than 11% in the
week prior to the launch of bookbuilding.
Despite that, a projected market cap of
£1.75bn-£2.17bn for the 10% London/
Johannesburg listing means Ninety One’s
valuation could be higher than the £1.89bn
Investec guided investors to in November.
A price range of 190p-235p per share has
been set, with the valuation deemed
REmECTIVEûOFûINVESTORûINTERESTûINûANûASSETû
that is seen as defensive in the long
term regardless of short-term market
conditions.
!ûBANKERûINVOLVEDûSAIDûTHATûSIGNIlCANTû
management support in the IPO, the fact that
it is a spin-off, and a cash generative and
predictable business is helping it cut througha lot of noise in the market. The small portion
of the company on offer also helps.
A second banker said on Thursday that orders
were still coming into the book and bookbuilding
will continue this week as planned.
!ûSIGNIlCANTûPORTIONûOFûTHEû)0/ûCOULDûBEû
snapped up by Ninety One staff through a share
ownership scheme that has placed an order for
up to 46.1m shares, worth £87.4m at the
bottom of the range. The order from Forty Two
Point Two is not guaranteed any allocation.
.INETYû/NEûWILLûHAVEûAûFREE
mOATûOFû û
with 55% of the company distributed to
Investec shareholders. Investec owns 80% of
Ninety One, reduced to 15% following the
mOATûANDûDISTRIBUTION
Books close on March 13, with share
trading from March 16.
Ninety One and Investec will be locked up
for 180 days, while Ninety One directors and
Forty Two Point Two will be locked up for
365 days.
JPMorgan is global coordinator, and
bookrunner with Bank of America and Investec.
JP Morgan and Fenchurch Advisory are advising
on the IPO.URBAN LOGISTICS COMPLETES £136.1m
FUNDRAISINGURBAN LOGISTICS‘ beat expectations to raise
£136.1m last week.
The distribution centre owner had
initially targeted £100m from the placing,
open offer and offer for subscription. In mid-
February the placing wrapped up with
proceeds of £130m, with the open offer and
offer for subscription adding £5.4m and
aM ûRESPECTIVELYû4HEûlNALûTWOûSTEPSûOFû
the fundraising completed on Wednesday.
The new shares were priced at 137.5p each,
a 7.7% discount to the 149p close on February
7 before the deal launched. Urban Logistics
shares closed on Thursday at 139p each and
WEREûmATûATûTHISûLEVELûBYûAMûONû&RIDAYû
The cash will fund acquisitions.
The capital increase is conditional on a
shareholder vote on March 9.
N+1 Singer and Panmure Gordon were
bookrunners.WAREHOUSE REIT TARGETS AT LEAST
£100m FOR ACQUISITIONSWAREHOUSE REIT, which owns and manages
urban and last-mile distribution centres in
the UK, is targeting a fundraising of at least
£100m to part-fund an acquisition pipeline
of more than£350m.
Warehouse REIT is offering 89.68m shares
at 111.5p per share in a placing, open offer,
offer for subscription and intermediaries
offer. Up to 80m shares are available for a
1-for-3 open offer, which wraps up on March
23, with the placing, offer for subscription82 International Financing Review March 7 202010 IFR Equities and SE 2323 p 77 - 87 .indd 82 06 / 03 / 2020 19 : 36 : 29